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EL185\77\970529.v2 <br />EXHIBIT I <br />CURRENT FACILITY MORTGAGE <br />MORTGAGE <br />THE MAXIMUM PRINCIPAL INDEBTEDNESS SECURED BY THIS <br />MORTGAGE IS $500,000. <br />THIS MORTGAGE (the “Mortgage”) is given on ________, 2024, from PLM PROPERTIES, <br />LLC, a Minnesota limited liability company (“Developer”), to the CITY OF ELK RIVER, <br />MINNESOTA, a municipal corporation and political subdivision of the State of Minnesota (“City”). <br />Developer owes City the principal sum of $1,378,019.60 (the “Debt”), which Debt is evidenced <br />by a Purchase Price Note of even date herewith (the “Note”), the terms and conditions of which are <br />incorporated herein and matures on February 1, 2035, or such earlier date provided in the Note. This <br />Mortgage secures a portion of the Debt to City in the amount of FIVE HUNDRED THOUSAND <br />DOLLARS AND 00/100 ($500,000.00) and secures: (a) the repayment of the debt evidenced by the <br />Note, and all renewals, extensions, and modifications of the Note; (b) the payment of all other sums, with <br />interest thereon, advanced to protect the security of this Mortgage; (c) the performance of Developer’s <br />covenants and agreements under this Mortgage and the Note; and (d) is subject to the terms and <br />conditions of that certain Amended and Restated Development Assistance Agreement, between the <br />Developer and the City, dated ________, 2024 (the “Development Assistance Agreement”). For this <br />purpose, Developer does hereby mortgage, grant, and convey to City, with power of sale, the property <br />located in the City, and legally described in EXHIBIT A attached hereto, together with all the <br />improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures <br />now or hereafter a part of the property. All replacements and additions shall also be covered by this <br />Mortgage. All of the foregoing is referred to in this Mortgage as the “Property.” <br />DEVELOPER COVENANTS that Developer is lawfully seized of the estate hereby conveyed <br />and has the right to mortgage, grant, and convey the Property and that the Property is free from all <br />encumbrances except as may be further stated in EXHIBIT B attached hereto (the “Permitted <br />Encumbrances”). Developer warrants and will defend generally the title to the Property against all claims <br />and demands, subject to any encumbrances of record. <br />Page 286 of 327